What’s going on in the Spring TX real estate market? Some of our numbers look very different than last year and some numbers are eerily similar.
In the very different category is the quantity of active listings on the real estate market in June of 2008 versus June 2009. In June of 2008, there were 1,710 active listings. Fast forward a year and there are 1,105 active listings which is 35% less than the previous year.
As a listing agent, I have certainly seen the decrease in listing activity this year. Last year during the summer months my farm territory had approximately 5% of its homes on the market. This year the active listing are sitting at 1%.
Also in the very different category is the quantity of months of inventory. Last year the months of inventory was 7.2 while this year it is 5.9. In 2008, the buyers were in the drivers seat and their offers reflected their stronger negotiating position. This year we are experiencing a more balanced market and with it the return of more reasonable and less demanding buyers.
Now for those eerily similar numbers, June 2008 Sales were 247 and June 2009 Sales were 243. A miniscule four less home sales versus the previous year.
Where are all the buyers? A look at the numbers reveals no real surprises. The buyers fueling the Spring TX real estate market are the first time home buyers. They understand what a great deal the $8,000 first time homebuyer tax credit is and are cashing in on what may be a once in a life time opportunity. Homes in the under $180,000 have only 5.8- months of inventory compared to the slow moving $250,000+ homes with 8.2+ months of inventory.
If you love numbers like I do, check out the Real Estate Market Reports category.
The data represented is from the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress.
